The revolutionary Hedera Hashgraph network and the eagerly anticipated FedNow payment platform have joined forces in a ground-breaking partnership that has brought both companies to public attention. In addition to strengthening their positions in the financial sector, this strategic alliance, which uses cutting-edge technology, led to a 25% increase in Hedera Hashgraph’s price within hours of the announcement.
In another development, the modern rapid payment platform FedNow has been making waves in the banking industry. The platform has effectively formed alliances with 57 of the most popular banks in the United States, demonstrating its powerful capabilities and global recognition.
CoinDesk’s Lyllah Ledesma, while speaking on this development, said that FedNow, by this move, distinguishes itself as a “Blockchain 2.0” solution rather than presenting itself as a conventional blockchain by utilizing the revolutionary Hashgraph technology – a method that both industry experts and analysts have taken an interest in.
The report also states that the integration of Hedera Hashgraph’s cutting-edge technology with the FedNow platform formed the basis of this collaboration. According to Ledesma, the partnership seeks to improve the FedNow platform’s efficiency, security, and dependability to usher in a new era of rapid payments.
However, there have been concerns by several industry professionals over FedNow’s business strategy, calling it a “Central Bank Digital Currency (CBDC) via a backdoor.”
This argument is based on the potential for the centralized management of the digital payment infrastructure, which may negatively affect personal privacy and financial independence.
In their defense, FedNow has emphasized its interest in accessibility and efficiency; these issues draw attention to broader questions concerning the role of central banks in the quickly changing world of digital banking.
HBAR Moved By Almost 50%, Benefits Of The Partnership Explained
It was gathered that the news of the partnership, especially the emergence of HBAR, took the cryptocurrency industry by surprise. The native token of Hedera Hashgraph. Shortly after the news was announced, the token’s value increased by almost 15%. This increase magnifies to -50%, extending to a month-long timeframe.
Analysis of the CoinDesk platform has explained that the partnership between FedNow and Hedera Hashgraph has the potential to alter the landscape as the financial sector continues to shift due to the continuous evolution of technology.
The analysis explained that the partnership has the prospect of transforming digital payments, expediting cross-border transactions, and improving the general effectiveness of financial systems. It also further stated that the collaboration would undoubtedly garner interest from various industries, including technology, banking, and regulatory agencies.
Today’s market movement moved the price of HBAR to almost 50% since the middle of June, while the token’s market capitalization is measured at $2.1 billion. The management of Hedera Hashgraph has defined its operations as a specially structured blockchain service. Meanwhile, the cryptocurrency community has differentiated its operations from others due to the consensus nature of hash graph operations.
The report also states that Hedera is currently the only blockchain ledger distributed publicly. Data from the company also shows that Hashgraph records over 10,000 transactions every second and a downward latency finality per second.
Also, in another report, the price of HBAR token has increased by 15% moments after the United States Federal Reserve’s FedNow added “Dropp” as part of a service provider. Dropp has been described as a Hedera-based micropayments service provider.
